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JPMORGAN, EVEN THROUGH THE ATTITUDES OF THE FIRST MAN, ENTERS THE WORLD OF CRYPTO

One of the largest American banks, JPMorgan, is quietly entering the world of cryptocurrencies. With little fanfare, JPMorgan Chase began providing its wealth management clients with access to six cryptocurrencies in the past month.

On Thursday, financial advisers were allowed to start placing clients of private banks in a new bitcoin fund created by the crypto company NYDIG. The fund is almost identical to the one NYDIG is offering to customers of rival bank Morgan Stanley, people say.

Late last month, JPMorgan introduced access to four assets from Grayscale Investments and one of the Osprey funds: Grayscale Bitcoin Trust, Grayscale Bitcoin Cash Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust and Osprey Bitcoin Trust, people say.

The sources did not want to be identified when it came to offers, and everyone cited an embarrassing fact: JPMorgan CEO Jamie Dimon was one of Wall Street’s most outspoken skeptics of bitcoin and related digital assets.

The moves by JPMorgan, the largest US bank by assets, clearly show that the years of Wall Street unwillingness to deal with cryptocurrencies are over. Following previous steps by rival companies Morgan Stanley and Goldman Sachs in offering bitcoin cash to customers, CNBC was the first to announce, and hundreds of smaller banks have been ordered to do the same.

Although Dimon called bitcoin a “scam” that would not end well, there were signs that his resistance was eroding. Earlier this year, pressure on JPMorgan escalated as customers demanded bitcoin exposure and employees openly asked when the bank would get involved.